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It is still a popular home game, but is popular commercially mainly in California. Each player is dealt five cards face down, after which there is a betting round. Each player remaining in the pot is allowed to exchange some or all of his or her cards for new ones (some games limit the draw to no more than three or four cards, but serious players would rarely draw four or five cards, anyway). Another common rule is that the first bettor must have a pair of jacks or better. Draw poker plays best with limits and often uses wild cards.

Unlike bridge, the suits have no order in poker: Two hands that are identical except for suits tie. Also, the order in which you receive the cards seldom matters; you can rearrange your hand as you like. POKER HANDS In poker games that use a wild card, the best hand is five of a kind. For example, if the joker is wild, five aces is the best hand. qxp 26 ♠ 1/30/06 9:24 AM Page 26 THE POKER FACE OF WALL STREET With a single wild joker as a fifty-third card, and no draw, you will see five of a kind only once in 220,745 five-card hands.

When they don’t, I use real first names like Robert or Brian. In some cases, where the person might be embarrassed by a private story, I use nicknames like Dixie and Slick. The only possible confusion is with people like The Arm and Crazy Mike, real people I knew by nicknames. I will specify those occurrences in the text. This book is about what I think today, not what I did in the past. I tell stories to help illustrate my points. I didn’t make them up or consciously edit them, but I didn’t go back and check against written records or the recollections of other participants.

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Bloomberg Businessweek (7 May 2012)

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